Aug 2025 – A U.S. appeals court rules most of President Trump’s tariffs illegal but leaves them in place while the administration seeks a Supreme Court ruling, keeping the threat alive for European exporters[4].

Jun 2025 – The United Kingdom secures a 10 % U.S. tariff rate on its goods—the lowest among U.S. trade partners—covering the first 100,000 vehicles annually, but the broader steel‑tariff exemption is put on hold[4].

27 Jul 2025 – The “Turnberry” U.S.–EU trade pact is signed at Donald Trump’s Turnberry golf resort, capping U.S. tariffs on EU imports at 15 % and linking U.S. investment commitments to lower duties[1][26].

Aug 2025 – The same appeals court decision (see Aug 2025 above) fuels U.S.‑EU tension as the court’s partial stay leaves the tariffs effective pending a Supreme Court judgment[4].

31 Dec 2025 – Analysts note that several high‑profile tariff promises—200 % on European whiskey, 100 % on foreign films and pharma—remain unrealized, highlighting a pattern of “unrealized tariff threats” in the Trump administration[22].

Mid‑Jan 2026 – President Trump announces a 10 % import levy on eight European NATO allies (Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, Finland) to start 1 Feb, warning it could rise to 25 % by 1 Jun if Greenland negotiations fail[13][20].

19 Jan 2026 – Trump frames the tariffs as a “national‑security priority” and declares he is “100 % committed to following through on the threat”[11]; the same day, Greenland’s premier Jens‑Frederik Nielsen says “the territory will not buckle under pressure”[13].

19 Jan 2026 – The EU’s anti‑coercion instrument—dubbed a “trade bazooka”—is put on the table as a possible retaliation, though activation could take up to ten weeks after member‑state approval[2][13].

19 Jan 2026 – European stock indices plunge (DAX –1.3 %, CAC –1.9 %, FTSE –0.4 %) and U.S. futures slide as markets react to the tariff threat, while gold spikes to $4,689/oz and silver to $94/oz as investors seek safe havens[19][21].

19 Jan 2026 – The IMF warns that trade tensions, including the Greenland tariff row, remain a “main risk to growth” in its World Economic Outlook[3].

20 Jan 2026 – Wall Street sinks further, with the S&P 500 down 2.1 % and the Dow off 870 points, as the 10 % tariff threat takes effect on 1 Feb and investors rush to gold and silver[24].

21 Jan 2026 – The European Parliament suspends its ratification of the Turnberry deal, citing Greenland‑related security concerns and warning “no compromise until Trump ends threats”[1].

21 Jan 2026 – EU lawmakers block a vote on the U.S.–EU trade pact amid fears of up‑to‑35 % tariffs on countries opposing Greenland, deepening uncertainty over the agreement’s future[7].

21 Jan 2026 – After a “productive meeting” with NATO Secretary‑General Mark Rutte, Trump posts that the talks “helped form the framework of a future Greenland and Arctic deal” and pledges not to impose the February tariffs[6].

21 Jan 2026 – U.S. equities rebound sharply (Dow +589 pts, S&P +1.16 %, Nasdaq +1.18 %) as the tariff threat recedes and investors cite the “framework” announcement as a de‑escalation signal[6].

22 Jan 2026 – Following a Davos meeting, Trump withdraws the Greenland tariffs, describing the outcome as a “framework of a future deal” and prompting a rally in U.S. and global markets[9][17].

23 Jan 2026 – Stocks surge after the tariff reversal, with the Dow climbing again, gold breaking $4,900/oz and silver topping $100/oz, while analysts note the market’s “TACO” shorthand for rapid policy retreats[5].

20 Feb 2026 – The U.S. Supreme Court strikes down the administration’s sweeping tariff regime, easing market panic; the S&P 500 rises 0.7 % and the Dow 0.5 % as investors had largely anticipated the ruling[15].

20 Feb 2026 – Trump vows to issue a new 10 % global tariff via an executive order for up to 150 days and to pursue additional duties through Commerce Department investigations[15].

22 Feb 2026 – The European Commission demands “full clarity” from Washington after the Court’s decision and warns it may activate the anti‑coercion instrument if the U.S. fails to honor the 15 % tariff ceiling set in the 2025 Turnberry statement[14].

23 Feb 2026 – Markets react to the Court’s reversal: U.S. equity futures dip modestly, gold climbs 1.9 %, and analysts stress the “winners‑and‑losers effect of shifts in tariff policy” while noting continued uncertainty[23].

24 Feb 2026 – The European Parliament votes to postpone ratifying the Turnberry agreement, citing the February Supreme Court ruling and the risk that U.S. import taxes could exceed the 15 % cap, effectively halting the deal pending legal clarity[26].

Future (2026‑2027) – The EU’s anti‑coercion instrument requires four months for investigation, six months for negotiation, and up to ten weeks for member‑state approval before any retaliatory measures can be deployed, meaning any EU response to renewed U.S. tariffs could extend into late 2026 or beyond[2].